Sunday, October 31, 2021
T20 World Cup: We weren't brave enough, says Virat Kohli
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Attacking intent for extra runs didn't come off, says Bumrah
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NZ have almost ensured India don't make the semis, says Sehwag
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A complete performance: Williamson lauds NZ for India win
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T20 World Cup: Team India's dreams virtually over after another drubbing
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Binance - What I Hate, Love, and Fear About the Cryptocurrency Exchange
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T20 World Cup: India stare at exit after being walloped by New Zealand
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We were not brave enough: Virat Kohli
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Saturday, October 30, 2021
Relentless with our lengths, bowlers came up trumps: Morgan
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Australia face must-win matches against Bangladesh and WI: Finch
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Buttler played hell of an innings and put pressure on us: Finch
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Barcelona held by Alaves in first game since Koeman sacking
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Sergio Aguero taken to a hospital after suffering chest pain
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Call of Duty: Vanguard, Forza Horizon 5, More: November Games on PC, PS4, PS5, Xbox One, Xbox Series S/X
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How to Record Calls Using Truecaller for Android: Step-by-Step Guide
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T20 World Cup: Can Team India break the New Zealand jinx?
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T20 World Cup: England crush Australia by 8 wickets, inch closer to semifinals
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Afghanistan's Asghar Afghan announces retirement from international cricket
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Boxing World C'ships: Shiva, Sumit enter pre-quarters with facile wins
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Friday, October 29, 2021
Behind Rishabh Pant's one-handed sixes, a sound technique
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We knew Asif Ali will deliver when needed, says Babar Azam
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Afghanistan make plea to fans after crowd chaos during Pak game
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T20 WC: De Kock affair brings South Africa 'closer together'
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T20 WC: WI stay alive with close win, but it’s over for Bangladesh
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T20 World Cup: Asif Ali blows Afghanistan away with sixer blitz
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T20 World Cup: Pakistan score hat-trick of wins to inch closer to semifinals
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T20 World Cup: India likely to play same team against NZ
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Rashid Khan becomes fastest player to reach 100 T20I wickets
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Sindhu storms into semis, Lakshya exits from French Open
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If a cricketer is unfit, he should not be in the team: Yusuf Pathan
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Thursday, October 28, 2021
Get out of a wrong insurance plan using freelook
After purchasing a life insurance policy what if you realise that it is not the right cover for your needs? If you end up with the wrong insurance policy, then you can utilise the free-look period offered on life insurance policies to cancel your policy and get the refund. Here is the process of how to cancel an insurance policy during the free-look period and get a refund. Cancellation allowed only for new policiesThe option to cancel a life insurance or health insurance policy is available during the initial few days after the policy has been bought. "The policy can be cancelled anytime within 15 days and 30 days in case of electronic policies and policies sourced through distance mode," says Indraneel Chatterjee, Co-Founder, RenewBuy, an insurance brokerage firm.You can use the free-look period to get more clarity regarding the new insurance policy you have just purchased. "During the free look period, the insured has the liberty to continue asking questions to the insurer, in case the former is not clear on the benefits mentions or want a better understanding of the policy," says Chatterjee.If you get the required clarity and are satisfied, then you may continue else you can exercise the cancellation option during this period. "During this time period, policyholders have the leeway of re-assessing the plan and cancelling it if they are unhappy with the plan for any reason. If the terms and conditions stipulated in the plan do not meet the policyholder's expectations, he/she can cancel or return it for refund of premium paid, subject to certain deductions," says Vivek Narain, Co-founder & Promoter, SANA Health Solutions, a health insurance brokerage firm.When the freelook option doesn't workThere are certain scenarios where the free-look option may not work. "The freelook period is only applicable if the policy is freshly issued as the freelook period is not available during policy renewal. Also, the insurance companies provide a freelook facility only when the policyholder hasn't made any claim during the 1st 15-30 days of the policy," says Naval Goel, Founder & CEO, PolicyX.com an insurance web aggregator.How to cancel the policy: Online vs offlineThe free-look period varies from insurer to insurer, so do check your policy documents to find out the duration of the free-look of your particular policy. The cancellation process can be done either online or offline. "The cancellation and refund can be applied for either online or offline. In the online process, a policyholder can send an email to the customer care id given by the insurance company and the request will taken up from there. For the offline route, the policyholder can visit the branch of the insurance company to put in the request for the cancellation," says Goel.For online cancellation you will need to visit the insurer's website and fill the form online. If your insurance company allows (you can check their website or ask the customer service) you may also initiate the process by sending an email to customer service.To cancel the policy offline, one can do it through their advisor or visit the nearest insurance company branch. A cancellation request will need to be submitted in written format. "The written document can also be submitted by downloading online form from the insurer's official website or availed through the customer care number. It is also very important for the insurer to inform about the starting date of the policy, to initiate the policy cancelation or alteration during the free look period," says Chatterjee.The process of cancellation during the free-look period entails some questioning so that the insurance company can make a last attempt to address your grievances or get a detailed customer feedback. "Once the policyholder intimates the request for policy cancellation during the Free Look Period, the health insurance service or life insurance service provider asks for the reason for cancellation, policy-related contract, and other requisite documentation," says Goel.You will need to provide certain documents while applying for cancellation of your policy. "The insured must submit a written document to the insurer which needs to be furnished with information like- the date on which the policy document was received, information of the insurance advisor who helped in buying the policy, the reason for cancelation, bank account details for refund," says Chatterjee.Do keep in mind that though you may have an advisor or broker to help you during the free-look period, to ensure quick refund you can deal directly with the insurance company. "It is advisable to apply for cancellation of policy directly with the insurance company since the time period is limited (minimum 15 days post receipt of policy copy)," says Narain.What is refunded to the policyholder?Once the refund application process is completed and approved by the insurer, the refund premium is calculated after deducting certain elements. "The insurer may deduct a pro-rata amount of premium towards risk covered for the number of days that the policy was in force. In case a cashless medical test was conducted at the time of application, the insurer could reduce the cost incurred for the tests and refund the balance. Stamp Duty charges (as applicable) may also be subtracted from the refundable amount," says Narain.When it comes to unit-linked insurance plans (ULIPs) the net refund amount will depend upon market conditions. "In the case of unit-linked insurance policies, the units allotted will be repurchased by the insurer at the net asset value on the day your policy gets canceled," says Goel. So, if the market has gone up during this period you may get additional amount and if the opposite happens you may end up with a lower refund amount.How long will it take for you to get the refund?The time taken to get the refund may depend upon the mode of application -- online application can be quicker. "It may take 7-10 working days for both health insurance plan and life insurance plan. However, the duration may increase a little in case of any challenge," says Goel.
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Facebook Changes Name to Meta, CEO Mark Zuckerberg Says Rebranding Reflects Investment in 'Metaverse'
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David Warner roars back to form as Australia thump Sri Lanka
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Was worried for SRK, was just having coffee: Ex A-G
Bollywood actor Shah Rukh Khan greeted the news of bail for his son, Aryan, with tears in his eyes. These were 'tears of joy' as his son finally gets to return home from jail after 25 days in custody since his arrest in drugs-on-cruise case. The Bombay High Court on Thursday granted bail to Aryan, Arbaaz Merchant and Munmun Dhamecha after they were arrested by the Narcotics Control Bureau on October 3 in drugs-on-cruise case. After the court's bail order, former Attorney General Mukul Rohatgi, who represented Aryan in the court along with Satish Maneshinde and Amit Desai, told media that the Bollywood actor had tears when he heard the news. According to NDTV, Khan was "just having coffee after coffee". The senior advocate further said from the last time he had met Khan, now he could finally see a big 'sense of relief' on his face. 87353652"He has been very, very worried the last three-four days that I was there and I'm not even sure whether he had proper meals. He was just having coffee after coffee. And he was very, very worried. And I could see a big sense of relief, yeah, on the father's face last time I met him," Rohatgi told NDTV.Rohatgi further said that Aryan's parents were so worried since the case has been going on for almost a month that SRK gave up all his professional work to be available for the legal team at all times. The actor was not just a call away but was also making notes to help the team. Aryan, along with Arbaaz Merchant and Munmun Dhamecha, will likely walk out of jail today or tomorrow as soon as the court passes its detailed bail order.
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How to protect profits in high beta midcaps
It is a complete blue sky scenario for the banking sector. They are over and done with all the credit cost due to the pandemic and the IL&FS crisis and now with the economy opening up, this festival season will be the best ever for the country and create a huge demand for credit, says Dipan Mehta, Director, Elixir Equities. It was an excellent Dusshera but not really turning out to be such a great pre Diwali? How do you try and protect your profits and your portfolio when it comes to some of the high beta midcap names now?I am slightly relieved that we are seeing this kind of a correction. There is a lot of froth building up in the primary markets and the secondary market and stock prices were just moving up because of a lot of momentum buying by retail investors. Such corrections are very healthy for the long term.Would you be willing to bet on the entire two-wheeler space and the incumbents or the traditional favourites that is Bajaj, Hero, TVS and Eicher?Well I think the space is getting very crowded and it is getting very confusing. Ola Electric certainly is a major risk factor for the entire two-wheeler industry because they are PE funded and can keep on making losses for many years and that will bite into the profitability of the traditional two-wheeler manufacturers. That is something which we have to take note of and as and when they scale up their operations, the existing two-wheeler companies will face pressure. In any case it is a highly competitive business. So, if you still have to buy a stock in the two-wheelers I would go with Eicher Motors which is in a completely different leisure segment and the threat from electric two-wheelers is not that much for Eicher as it is for Bajaj, TVS, Hero MotorCorp. That is my assessment but I am not too convinced about buying into any two-wheeler stock, it is just that I think Eicher will be slightly better placed, that is all. Where within the entire broader theme of the reopen trade, hotel names, aviation names, multiplexes, hospitality industry, would you find comfort to buy in in the current decline?I would go with retail. Companies like V-Mart, Trent, DMart and Titan of course, These companies have been underpinned a lot because of the pandemic and now we are seeing revenge buying taking place and more and more footfalls into their establishments. From a valuation perspective, from a long term trend perspective, we are positive on retail. Of course, aviation and multiplexes also should do well but there was never really a correction in these stocks and now that the opening up of the country has taken place, a lot of the gains have been priced into the aviation, the hotel companies and to an extent the multiplexes. Longer term negative trends post pandemic may impact these businesses as well. Have you been a buyer anywhere in the current decline which has taken place in the market or for that matter added to any of your existing positions?As a strategy we never do major trades during the earnings season. There is a lot of intraday stock volatility and we just like to get the earnings over and done with. There are usually many surprises and disappointments which we realise later on. It is best to just be in a wait and watch mode while the earnings season plays out. Unless something disastrous is coming out which merits immediate action, by and large we remain pretty much in non trade zone and look for good ideas which one can buy when the dust settles down and stock prices have reacted to what their earnings and management has to speak. So for the time being not participating in this correction at all. You can expect a 10-15% correction at any point of time by the end of this year or early next year. It could be this moment where the stocks drift further lower from these levels and then maybe a good entry point especially for investors who are sitting on cash. Would you say IT is a safe haven or given the kind of exuberance that one saw in the midcap IT space, would you say with IT as well you would like to tread with caution because the valuations are getting expensive even here?These are multi-year secular growth stories for the time being and one would see compounding of earnings for the next three to four years. So, something which appears to be expensive on a trailing 12-month or current year earnings may appear to be quite cheap if you look two, three years down the line. But as I said, there is a bit of an overvaluation. I would say more than that, the risk return profile is not favouring midcap IT at this point of time. If there is a 10-15% correction, that will be a good entry point as far as midcap IT is concerned. But largecap IT could be a bit of a safe haven if we see a further correction. The likes of Infosys, HCL Tech and Tech Mahindra were quite impressive if you dig deeper into it and there is scope for at least Tech Mahindra and HCL Tech PEs to be rerated on the higher side, given better growth momentum and earnings visibility. Now that most of the large private banking names are out with their earnings -- SBI, the largest PSU bank still remind -- what have you made of the performance? It seems the corporate banks are winning the race and clearly ICICI Bank seems to be leading here?Yes, that is right. There were stunning results from ICICI Bank and IndusInd Bank also came out with a very good set of numbers. I was a bit disappointed with Kotak Bank and HDFC Bank. They also came out with a steady set of numbers. I think that the likes of HDFC, ICICI, IndusInd, maybe Kotak and overall the Bank Nifty will take leadership positions over the next two, three quarters or so. It is a complete blue sky scenario for the banking sector. They are over and done with all the credit cost due to the pandemic and the IL&FS crisis which was there and now with the economy opening up, this festival season will be the best ever for the country and that will certainly create a huge demand for credit. All the large credit consuming sectors be it real estate, infrastructure, capital goods, expansion of capacity they are all revving up pretty well so you should see good demand for credit. So on one hand you will have net interest income going up, fee based income going up and cost will remain controlled because overall credit cost, the largest cost component will actually be declining for most of the banking companies.
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Value in mkt if Nifty falls to 16,500 : Sabharwal
"If markets do not correct as much, they settle down but we find some stocks which are available at reasonable valuation, then we can look to allocate to that but right now I think we need to wait it out," says Sandip Sabharwal, analyst, asksandipsabharwal.com. What stood out to you in this week that has gone by in terms of the big earnings that have been reported?There have been two categories of companies which have surprised positively. One is where expectations were already high but they did very well. For example, out of yesterday’s results, United Spirits and Titan delivered strongly. Now there is a debate on what valuations should they be trading at. I think that is a separate debate but specifically on the results, those two results were positive. We also saw that the other category of companies where there was a positive surprise was where the expectations were low. For example, among the auto stocks, TVS Motors outperformed, Bajaj Auto results were better than expectations. That is the category where expectations were low and these companies actually did better than expectations. On the other hand, there have been companies where the expectations have been very high. They have disappointed and those stocks have been sold. Besides earnings, an update came in from Asian Paints or there are reports that suggest that price increases are being taken and that is being seen as a positive. The stock is up 1.2% in a broadly weak market. How would you rate this? Is it still a buy at these current levels?Companies will try to keep on taking price increases till the point of time it starts hitting demand. So in an economy like India, where real incomes are not going up so much and there is only so much price increase you can have. The jury is still out and we will see how these price hikes impact the real demand. But the fact of the matter is that Asian Paints is a very expensive stock. Even on the most optimistic earning estimate of this year of Rs 30-32 earnings, it is at Rs 100. Actually earning should be less than that and so I think it is a very expensive stock. I do not see it giving any significant absolute returns from here over the next one or two years. The Nykaa IPO retail portion got oversubscribed by 11 am. You had tweeted that it is a Rs 53,000-crore market cap that they are assigning to the valuation given the price band whereas the profits last year were Rs 61 crore. What is that telling you about the retail frenzy for these niche businesses in the market and would you be a subscriber to Nykaa at all?It is not only a retail frenzy. It is a frenzy of the fund managers also. Look at the way all these people have bid for the anchor. I believe that the anchor portion got oversubscribed by 40 times. It is complete craziness. It might be a good company, it might be something unique but it does not offer something extraordinarily unique. So what people are basing their expectations on is the kind of liquidity we see sloshing around all over the world this year. This liquidity is not going to remain the same way and going forward very high valuation companies which do not have earning backup will have a tough time next year. So purely on the listing prospects, maybe there will be a pop-up and on the retail side, the oversubscription itself will be so high that you will end up getting virtually not too many stocks. So I do not think it is worth it. I am not really looking at subscribing. I would think that if the markets give up some more gains, we might actually find better opportunities where we can deploy a reasonable amount of capital cheaper into companies which actually have earnings backing them. Is the valuation frenzy nearing its peak?Whether it is at a peak or not, it is tough to say. I do not think that the frothiness indicates a peak of the bull market but an intermediate peak yes, especially given the way the mid and smallcaps were running up. On the largecap side, there are still pockets of value possibly but on the midcap side, it was complete craziness and some amount of froth has gone out over the last few weeks and the next few weeks might see some more of the froth go out. But the big issue is with this entire IPO market. The way the stocks are getting priced is very dangerous. I would think that Paytm’s kind of valuations will be successful because of the way people are lining up. I hope that the market does not collapse under the weight of these IPOs. I want to ask about IRCTC and this is something that we have been watching for some time. Today the stock has split and on that split it has gained and is holding out at this juncture. But this is after the crack that it saw. Would you wait still for a little bit of the dust to settle on this counter before you see that it is a good level to enter or are these levels fine?Firstly I will not ever enter the stock. Secondly, I do not think the value of this stock is about Rs 1,500. Now it is split by five so I think Rs 300-350 is where I would think the value of the stock lies. They did a profit of Rs 700 crore in 2019. That profit will come after two years. So two years into the future, the stock trades at 80 times or more price earnings ratio at these prices. For a PSU stock do you want to give that kind of price earnings ratio in a business which once everything normalises, the growth prospects will just be 5-10%? Have you bought anything in the current decline?We are still waiting. I would think that if we come down to around 16,500 odd kind of levels, then we should be able to see some sort of value in the markets. Let us see what happens over the next few weeks. If markets do not correct as much, they settle down but we find some stocks which are available at reasonable valuation, then we can look to allocate to that but right now I think we need to wait it out.
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Sebi issues guidelines for AMC employees
Mumbai: The Securities and Exchange Board of India (Sebi) has barred senior employees and directors of asset management companies and their trustees from buying or selling mutual fund units while having access to any non-public information, such as winding up of schemes.The move comes in the wake of the Franklin Templeton episode where Sebi observed some senior officials, directors of the asset manager and its trustee company redeemed their investments ahead of the winding up of the six debt funds.On Thursday, the regulator said in a circular that senior executives should refrain from purchase or sale of mutual fund units, where any information available to the mutual fund--which could materially impact the NAV (net asset value) or interest of unitholders-- is not yet communicated to the unitholders. It said scenarios such as a change in the investment objectives of the concerned mutual fund scheme, restrictions on redemptions, winding up of schemes, material change in the liquidity position and default in the underlying securities is material to the concerned mutual fund scheme.The regulator said prior approval for personal investment transactions should be obtained by senior executives.
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T20 World Cup: The question mark around Hardik Pandya
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T20 World Cup: England reap rewards of Dhoni's faith in Moeen
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It was world class performance from Zampa, says Aaron Finch
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USCIS says mkt research analyst a speciality job
In a major victory for H-1B employers, a federal court has approved a settlement under which the US Citizenship and Immigration Services has agreed to qualify market research analyst as a speciality occupation for the purposes of determining H-1B visa application of a foreign professional. Based on its prior interpretation of the Occupational Outlook Handbook - a Department of Labor's Bureau of Labor Statistics publication profiling hundreds of occupations in the US job market - the USCIS was determining that market research analysts did not qualify as a "specialty occupation". The settlement approved by the federal district court in the Northern District of California would now let companies request that the USCIS reopen and re-adjudicate their denied H-1B petitions. "This settlement is an important victory that will benefit hundreds of American businesses and the market research analysts they sought to employ," said Leslie K Dellon, senior attorney (business immigration) at the American Immigration Council. "The settlement gives US businesses another chance to have their H-1B market research analyst petitions approved - this time under new guidance worked out by the parties to the lawsuit. Each H-1B petition reopened and approved will represent another opportunity for US employers and the workers they sponsored to advance their business objectives," she said. The class action lawsuit in this regard was filed by the American Immigration Council, American Immigration Lawyers Association, and the law firms Van Der Hout LLP, Berry Appleman & Leiden LLP (formerly Joseph & Hall P.C.), and Kuck Baxter Immigration LLC. Jeff Joseph, partner at Berry Appleman & Leiden LLP, said this settlement finally resolves an issue on which immigration lawyers have been battling the government for years. "This settlement strikes the right balance between what the regulations actually say and how employers evaluate a candidate's professional qualifications in the real world. It is our sincere hope that USCIS will now interpret other specialty occupations from a perspective that is in line with what actually happens in the free market," he said.
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China’s aggression faces strong global pushback
Tensions in the South China Sea (SCS) region is worsening following China’s continued military aggression but this has led to a pushback from the USA and other global powers. India, Australia and besides key European powers are also concerned over the impact of China’s aggressive policies on the use of the South China Sea as a major global gateway for trade. Freedom of Navigation and necessity for rules-based order in the Indo-Pacific region are the principles being pursued by India and other like-minded powers. Indian PM Narendra Modi at the 16th East Asia Summit emphasised on the importance of Free, Open and Inclusive Indo-Pacific region.The discussions at the India-ASEAN summit also covered regional and international issues of common interest and concern, including South China Sea and terrorism. Both sides noted the importance of promoting a rules-based order in the region including through upholding adherence to international law, especially the UNCLOS. The leaders affirmed the importance of maintaining and promoting peace, stability, safety and security in the South China Sea, and ensuring freedom of navigation and overflight.President Joe Biden told Southeast Asian nations on Wednesday the United States would stand with them in defending freedom of the seas and democracy and called China's actions towards Taiwan "coercive" and a threat to peace and stability.Speaking at a virtual East Asia Summit attended by Chinese Premier Li Keqiang, Biden said Washington would start talks with partners in the Indo-Pacific about developing a regional economic framework.Australia and ASEAN agreed on Wednesday to establish a "comprehensive strategic partnership," a sign of Canberra's ambition to play a bigger role in the region. Australian Prime Minister Scott Morrison said the pact would strengthen diplomatic and security ties and promised the country would "back it with substance". Australia and ASEAN on Wednesday agreed to upgrade their ties to a “comprehensive strategic partnership”. Meanwhile, Beijing is still waiting to hear from ASEAN about China’s wish to elevate its partnership with the group. Following the Summit Japanese PM Fumio Kishida told reporters that he conveyed Japan's firm stance on maritime security in the South and East China seas. Kishida informed that he also touched on the issues of China's alleged human rights abuses against the Muslim Uyghur minority in the Xinjiang region. The Japanese PM also expressed concern over the crackdown on freedoms in Hong Kong and the importance of peace and stability across the Taiwan Strait, he said.The Japanese PM supported Asean' opinion on SCS matters, welcoming the role of Asean in promoting peace, stability in the region. He called for fully implementing DOC and complete COC soon.But it is not just statements that the USA and its ally Japan are focusing. Japan Maritime Self-Defense Force Izumo-class helicopter destroyer JS Kaga (DDH 184) and U.S. Navy Carrier Strike Group (CSG) 1 are conducting bilateral operations in the South China Sea for the first time since Vinson Carrier Strike Group (VINCSG) deployed this summer.While in the South China Sea, Japan and U.S. Navy units are conducting maritime security operations, to include flight operations, coordinated tactical training between surface and air units, refueling-at-sea evolutions, and maritime strike exercises.“The Indo-Pacific is a dynamic region and by continuing to conduct routine operations with our allies and partners throughout international waters and airspace, we demonstrate our unwavering commitment to upholding international law, on the sea and in the air, and to ensuring that all nations can do the same without fear or contest," according to the USA establishment.“Through a series of large-scale exercises, the JMSDF was able to enhance its tactical capabilities as well as strengthen its cooperative relationship with the navies of participating countries,” said Rear Adm. IKEUCHI Izuru, Commanding Officer of IPD21 force, Commander of Escort Flotilla 3. “Our activities in the South China Sea and Indian Ocean, which are important international maritime traffic routes, together with the navies of our allies and partners who share our fundamental values and strategic interests, demonstrate our unity and strong will to realize a "free and open Indo-Pacific" based on law.”This marks the second time that a carrier strike group is operating in the South China Sea with the advanced capabilities of the F-35C Lightning II and Navy CMV-22B Osprey. CSG 1 is deployed to the U.S. 7th Fleet area of operations in support of a free and open Indo-Pacific region.The US response to the perceived China threat is to build overlapping political and military coalitions of like-minded democracies to contain China—including in Asia– Japan, Australia, India and South Korea—and big powers from Europe. The maritime dimension of these coalitions is currently coagulating. US-driven realpolitik strategic moves are meant to counter what it sees as the ‘China threat’ to its hegemony in Asia. The US has been conducting what it calls “freedom of navigation” operations in the South China Sea to assert navigational rights and freedoms in line with international law. These moves are also being made in the backdrop of new Chinese law. From September 1, China’s new maritime rules designed to control the entry of foreign vessels in what Beijing calls “Chinese territorial waters” took effect. The move is expected to have far-reaching consequences for passage of vessels, both commercial and military, in the disputed South China Sea, East China Sea and Taiwan Strait.Beijing is militarizing the South China Sea, which it considers its backyard. It has stepped up its incursions into other claimant nations’ exclusive economic zones, used its maritime militia to harass fishermen in waters claimed by other countries and parked its survey ships in oil-rich zones in others’ waters.The South China Sea, which lies between China, Taiwan, the Philippines, Brunei, Malaysia, Indonesia and Vietnam, is of great economic importance globally. Nearly one-third of the world’s shipping passes through its lanes, and the waters house numerous important fisheries.It is also a critical route for India, both militarily and commercially. The South China Sea plays a vital role in facilitating India’s trade with Japan, South Korea and ASEAN countries, and assists in the efficient procurement of energy supplies. In fact, the Ministry of External Affairs estimates that more than 55% of India’s trade passes through the South China Sea and Malacca Straits. India is also involved in oil and gas exploration in offshore blocks in the margins of the Sea, which has led to standoffs with Chinese authorities.China claims almost the entire area under its controversial nine-dash line and has built artificial islands and set up military outposts in recent years.Emerging power Vietnam has very high stakes in the South China Sea (SCS), which is its life-line. “Its geographical situation clearly brings out this dimension. Vietnam borders the Gulf of Tonkin, Gulf of Thailand, and Pacific Ocean, along with China, Laos, and Cambodia… The Chinese assertion of the ‘nine-dash-line’ threatens its sovereignty. Intrusions into its EEZs harms its normal economic activities,” according to former Deputy NSA SD Pradhan. China perceives Vietnam as an obstacle for acquiring its control over this strategic sea. Not only Vietnam is the strongest opponent of the Chinese nine-dash line claim in the region, Vietnam’s sustained economic growth has pushed it to emerge as an important player in the South East Asia, which China perceives is not in its interests. Its role in the ASEAN in keeping the countries united on the issue of the illegal Chinese claims, maintaining the pressure for the finalisation of the Code of Conduct (CoC), and in the ASEAN Outlook for Indo-Pacific (AOIP) annoys China, pointed out Dr Pradhan. This week, Malaysia summoned the Chinese envoy after Chinese vessels entered Kuala Lumpur’s territorial waters off the coast of Borneo.Tensions in the area have only increased since 2016 when the International Court of Arbitration in The Hague rejected China’s nine-dash line and ruled that Beijing had no historic title over the South China Sea after the Philippines’s challenged Beijing’s claims and actions over the disputed waterway.Philippines President Rodrigo Duterte this week reiterated his call for unity in pursuing peace and stability in the South China Sea, saying that the Association of Southeast Asian Nations (Asean) must "not allow those with diverging interests to make our efforts fail."In his remarks during the virtual 38th and 39th Asean Summits and Related Summits, Duterte said the regional bloc should pursue these initiatives in accordance with international law, including the 2016 arbitral award that invalidated China's expansive claim over the disputed waters.In 2016, the Philippines won a landmark arbitration ruling that dismissed China's sweeping claims in the South China Sea, acknowledging that islands and features in the West Philippine Sea that are being claimed by Beijing fall within Manila's exclusive economic zone. South China Sea is a strategic waterway for trade that is also believed to be rich in oil and gas deposits."We have come a long way in keeping the peace and promoting prosperity in our region. We must not allow those with diverging interests to make our efforts fail," Duterte said.Duterte reaffirmed the Philippines' commitment to help finalize an "effective and substantive" Code of Conduct (COC) in the disputed waters.He also urged countries to translate commitments into action as regards the 2002 Declaration on the Conduct (DOC) of Parties in the South China Sea.The DOC, inked on November 4, 2002, aims to exercise self-restraint and promote non-militarization within the South China Sea.On the other hand, the COC in the South China Sea intends to promote peace and stability in the busy waterway."Talks should not remain empty rhetoric. They should be translated into action to fortify the trust and confidence we have cultivated through the years. Acta non verba. Deeds, not words," Duterte said during his intervention at the 24th Asean-China Summit.In fact China's 'bullying' in South China Sea helped advance US-Vietnam ties, says ex envoy. The South China Sea plays a prominent role in the relationship between Vietnam and the United States, and bullying by China of its neighbour helped deepen relations, said the former US ambassador to Hanoi Ted Osius. In fact US Senators have introduced bill to sanction China over the South China Sea impasse. The bipartisan South China Sea and East China Sea Sanctions Act will impose sanctions against Chinese individuals and entities that participate in Beijing’s attempts to "aggressively assert its expansive maritime and territorial claims" in the two seas, according to rubio.senate.gov, the website of Senator Marco Rubio. Rubio is a senior member of the Senate Committee on Foreign Relations and an original co-sponsor of the legislation along with Ben Cardin, chair of the Senate Foreign Relations Subcommittee on State Department Management. It was later co-sponsored by 14 senators. They first introduced it in Senate in May 2019, and re-submitted it in May this year.The US frequently accuses China of militarizing the South China Sea, bullying and coercing other countries in the region, and aggressively advancing its extensive claims the US argues are not supported by international law. In turn, China has worked to cast the US as the destabilizing military presence in the South China Sea. Currently, international maritime activities are governed by an international agreement called the United Nations Convention on the Law of the Sea (UNCLOS) of which China, India and over a hundred other countries are signatories (the US, significantly, is not). Accordingly, states have the right to implement territorial rights up to 12 nautical miles into the sea. The UNCLOS also states that all vessels have the right of “innocent passage” through this region – China’s new law violates this. It is therefore imperative that India and other powers strengthen international cooperation to promote peaceful settlement of disputes, including those in SCS.
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FB rebrands to shed toxic past, build metaverse
Facebook rose to prominence over the past two decades with some of the world’s most recognisable branding: a big blue-and-white letter F.No longer. On Thursday, the social networking giant took an unmistakable step toward an overhaul, de-emphasising Facebook’s name and rebranding itself as Meta. The change was accompanied by a new corporate logo designed like an infinity-shaped symbol that was slightly askew. Facebook and its other apps, such as Instagram and WhatsApp, will remain, but under the Meta umbrella.The move punctuates how CEO Mark Zuckerberg plans to refocus his Silicon Valley company on what he sees as the next digital frontier, which is the unification of disparate digital worlds into something called the metaverse. At the same time, renaming Facebook may help distance the company from the many social networking controversies it is facing, including how it is used to spread hate speech and misinformation.“I’ve been thinking a lot about our identity” with this new chapter, Zuckerberg said, speaking Thursday at a virtual event to showcase Facebook’s technological bets of the future. “Over time, I hope we’re seen as a metaverse company.”With the change, Zuckerberg telegraphed that his company was going beyond today’s social networking, which Facebook has been built on since it was founded 17 years ago. Having Facebook as the corporate name when the company now owned many apps and was fundamentally about connecting people was no longer tenable, he said.That was especially the case, Zuckerberg said, as Facebook has committed to building a composite universe melding online, virtual and augmented worlds that people can seamlessly traverse. He has said that this concept, known as the metaverse, can be the next major social platform and that several tech companies will build it over the next 10-plus years. On Monday, Facebook had signaled its intent to be a big player when it separated its virtual reality and augmented reality business into a division called Facebook Reality Labs.But evolving Facebook into a metaverse company will take time since the concept is theoretical and may take years to achieve. Facebook and its sister apps also remain a giant business, generating more than $86 billion in annual revenue and serving more than 3.5 billion people globally.The timing of the name change has a double advantage. Facebook has grappled with some of the most intense scrutiny in its history in recent weeks. Lawmakers and the public have criticised its Instagram photo-sharing app for hurting some teenagers’ self-esteem and the company has faced questions for its role in amplifying misinformation and stirring unrest with inflammatory content.The outcry reached a fever pitch after Frances Haugen, a former Facebook employee, leaked internal documents that showed how much the company knew about the harmful effects it was causing. Findings from Haugen’s documents were first published by The Wall Street Journal and then other media organizations, including The New York Times.The revelations have led to a slew of congressional hearings, as well as legal and regulatory scrutiny. On Monday, Haugen spoke to British lawmakers in Parliament and urged them to regulate Facebook. On Tuesday, Facebook told its employees to “preserve internal documents and communications since 2016” that pertain to its businesses because governments and legislative bodies had started inquiries into its operations.Corporate rebrands are rare but have precedent. They have generally been used to signal a company’s structural reorganisation or to distance a company from a toxic reputation.In 2015, Google restructured itself under a new parent company, Alphabet, dividing itself into separate companies to better differentiate its internet search business from the moonshot bets it was making in other areas. In 2011, Netflix announced plans to cleave its video business into two parts, briefly renaming its DVD-by-mail arm as Qwikster.After The Verge reported last week that Facebook might change its name, social media erupted with less desirable comparisons. Some recalled how Philip Morris, a tobacco giant, rebranded itself to Altria Group in 2001 after years of reputational damage over the health costs and effects of cigarettes on the American public.Nicholas Clegg, Facebook’s vice president for global policy and communications, has rejected the comparisons, calling them “extremely misleading”.Facebook’s name change is largely cosmetic. It will begin trading under the stock ticker MVRS on Dec. 1. The company will also rebrand some of its VR products as Meta, shifting away from the original brand name of Oculus.The company was not restructured and no executive changes were announced. Zuckerberg also remains CEO and chair. He holds majority voting power over any changes that could impact the future of the company.“No matter what Mark Zuckerberg calls it, it will remain Zuckerberg Inc. until he relinquishes some power and yields to functional corporate governance,” said Jennifer Grygiel, an associate professor and social media researcher at Syracuse University.For months, Facebook has been building up to the metaverse announcement. Last year, it released its newest virtualVR headsets, Oculus Quest 2. In August, it unveiled a VR service called Horizon Workrooms, a virtual meeting room where people using the VR headsets can gather as if they were at an in-person work meeting. And in September, it announced a new line of eyewear with Ray-Ban, which can record videos.Those products are all pieces of the metaverse, which Zuckerberg on Thursday acknowledged sounded like “science fiction”.Andrew Bosworth, Facebook’s chief technology officer, has also said that the metaverse will need significant technological breakthroughs to happen and that the company was working on new versions of virtual reality and augmented reality hardware to make them smaller, less expensive and more immersive.Even so, Zuckerberg on Thursday talked up the idea as “the successor to the mobile internet” and said mobile devices would no longer be the focal points. The building blocks for the metaverse were also already available, he said. In a demonstration, he showed a digital avatar of himself that transported to different digital worlds while talking to friends and family, no matter where they were on the planet.“You’re really going to feel like you’re there with other people,” he said. “You’re not going to be locked into one world or platform.”Zuckerberg said creating the metaverse would take work across different technology companies, new forms of governance and other elements that would not come in the short term. But he laid out several areas where the metaverse would be applicable, citing video gaming, fitness and work.Zuckerberg showed Horizon Workrooms, a virtual conference room product, where colleagues could work together remotely on different projects that they might have once done at the office. He talked up several immersive video games. And he demonstrated Horizon Worlds, a VR-based social network, where friends and family could come together and interact.87352719Success will depend partly on attracting others to create new apps and programs that work in the metaverse. As with the mobile app economy, users are more likely to join new computing ecosystems if there are programs and software for them to use.As a result, Zuckerberg said he would continue offering low-cost or free services to developers and invest in attracting more developers through creator funds and other capital injections. Among other things, Facebook has earmarked $150 million for developers who create new kinds of immersive learning apps and programs.“We are fully committed to this,” he said. “It is the next chapter of our work.”This article originally appeared in The New York Times.
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Suhana posts msg, SRK teary-eyed after Aryan's bail
Superstar Shah Rukh Khan's son Aryan was granted bail by Bombay High Court on Thursday after spending 25 days in custody in the drugs-on-cruise case.As much of Bollywood celebrated the news on social media, the 23-year-old's younger sister Suhana Khan - who is currently in the US - too posted a picture with her father and brother.Suhana took to Instagram to post a collage of a picture from her childhood with Aryan and SRK. The black and white photos show the 'Don' star having fun and posing with his children - both toddlers at the time.The 21-year-old simply captioned the post, "I love you."
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The post saw an outpour of love from Bollywood with celebrities dropping red heart emojis in the comments.Also Read: Bail for Aryan: 'As a dad I am relieved,' tweets Madhavan; for Sonu Sood time is a 'judge'It was a tough and long fight for the Khans, who have all maintained a stoic silence ever since the arrest.The only other activity by the family on social media was a birthday post by Suhana for her mom Gauri Khan on October 8.
Aryan spent his mom's birthday as well as his parent's anniversary in custody.The former Attorney-General of India, Mukul Rohatgi, who was representing Khan, said the 55-year-old superstar had tears of joy when he heard the news of his son's liberty being secured, according to a report in TOI.Rohatgi also said that the 'Swades' actor had also made notes to assist the legal team. 87352927 87352968SRK has only been spotted in public once since the arrest on October 3, when he paid a visit to Mumbai's Arthur Road Jail to meet his son after the Maharashtra government relaxed the family visiting rules at the Arthur Road jail from October 21.Aryan Khan was arrested by the Narcotics Control Bureau (NCB) on October 3 during a raid on a cruise ship off the Mumbai coast on its way to Goa.
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Solar tents to be deployed at India-China border
With border tension between India and China intensifying, the Union government has approved all-weather, high-altitude solar power tents that can be deployed at an altitude of above 17,000 ft and can function between minus 35 degree to 40 degree plus temperature, ET has learnt. The guidelines approved with suggestions from the Indo-Tibetan Border Police (ITBP) have been under consideration for the past four years. However, they were expedited after the India-China standoff in Eastern Ladakh last year, officials added.According to officials familiar with the development, ITBP has been using solar technology at some of the bases but solar-powered tents will help them sustain sub-zero temperatures at very high altitudes. There are nearly 180 border posts along the India-China border, from Karakoram Pass in Ladakh to Jachep La in Arunachal Pradesh. An additional 47 border outposts and 12 staging camps are under construction to provide ration, logistics and a place to stay for ITBP personnel during the long-range patrols along the Himalayan frontier."The setting up of more posts is aimed at ensuring that they are not abandoned during extreme snow and cold. Initially, we plan to provide around 50 such all-weather tents. Using technology, the temperature inside these tents will be maintained at 21 degrees Celsius. It shall be able to withstand wind speed of more than 150 km," said a senior official. The high altitude solar tents, approved by experts, require that their colours should be such that it can camouflage with the surroundings and the material used in the construction of these tents are fireproof.
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US returns 248 antiquities worth $15 mn to India
The US on Thursday returned 248 antiquities, including a 12th century bronze Shiva Nataraja, valued at an estimated USD 15 million to India, the “largest” such transfer of antiquities to the country.“This extraordinary assemblage of artifacts, recovered from five different criminal investigations over the past decade, embodies the timeless cultural and cosmic bridge between ancient and modern-day India,” Manhattan District Attorney (DA) Cy Vance, Jr said in a statement.The US returned the 248 antiquities valued at an estimated USD 15 million to India during a repatriation ceremony attended by India Consul General Randhir Jaiswal and US Homeland Security Investigations (HSI) Deputy Special Agent in Charge Erik Rosenblatt.Jaiswal expressed gratitude to the Manhattan DA's Office for its support and cooperation in the return of antiquities to India. “We look forward to our continued engagement to strengthen cultural ties between India and the United States,” he said.Vance said the event also serves as a potent reminder that individuals who “maraud sacred temples” in pursuit of individual profit are committing crimes not only against a country's heritage but also its present and future. He said the 248 pieces is the "largest such transfer of antiquities” to India.Among the items returned, 235 were seized pursuant to the investigation of Jailed art dealer Subhash Kapoor.The District Attorney's office said that for many years, the Manhattan DA's Antiquities Trafficking Unit, along with law enforcement partners at HSI, investigated Kapoor and his co-conspirators for the illegal looting, exportation, and sale of ancient art from Afghanistan, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Sri Lanka, Thailand, and other nations.Kapoor and his co-defendants generally smuggled looted antiquities into Manhattan and sold the pieces through his Madison Avenue-based gallery, Art of the Past. From 2011 to 2020, the DA's Office and HSI recovered more than 2,500 items trafficked by Kapoor and his network. The total value of the pieces recovered exceeds USD 143 million.HSI New York Acting Special Agent in Charge Ricky Patel said these artifacts are part of India's rich cultural heritage and they are going back to the people of India.“When items like these are stolen and looted, we are determined to make things right, and ultimately return them home where they belong,” Patel said.The DA's Office first issued an arrest warrant for Kapoor in 2012. In October 2019, Kapoor and his seven co-defendants were indicted for their conspiracy to traffic stolen antiquities. In July 2020, the DA's Office filed extradition paperwork for Kapoor and his co-defendants.Two of the co-defendants have since been convicted: Richard Salmon in October 2020 and Neil Perry Smith earlier this year. Previously, three others were also convicted: Selina Mohamed (2013), Aaron Freedman (2013), and Sushma Sareen (2014).The remaining items returned included 10 pieces seized from Matreiya, the former gallery of known trafficker Nayef Homsi who was convicted by the District Attorney's Office in 2015.Other items from the same seizure were repatriated to India in August 2020. A bronze Shiva Nataraja, circa 12th century, valued at USD 4 million, that was stolen in the 1960s from a temple and smuggled into New York before being sold by Doris Wiener, whose daughter, Nancy Wiener, was convicted by the Office in 2021.The Asia Society, the unwitting recipient of the piece, cooperated fully with the investigation.Another item returned was a bronze Nandikesvara and bronze Kankalamurti, which were stolen from the Sri Narasinganata Temple in India in May 1985 and resurfaced at separate auctions during this year's Asia Week.Manhattan-based Bonhams Auction House, the unwitting recipient of the piece, cooperated fully with this investigation.As of Thursday's ceremony, the DA's Office has returned 516 antiquities to 12 nations since August 2020, including, in recent months, 27 relics to Cambodia, 33 treasures to Afghanistan, and 104 artifacts to Pakistan.During the past two months, the Antiquities Trafficking Unit also repatriated 16 pieces associated with the infamous Spanish conquistador Hernan Cortes to Mexico.This collection of priceless 16th Century manuscripts – including letters, royal decrees, and other legal documents – was stolen from Mexico's National Archive and later appeared at numerous galleries and auction houses in the same year.New York-based Swann Gallery and Bonhams Auction House, the unwitting recipients of the stolen manuscripts, cooperated fully with this investigation.
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Police start removing barricades at Tikri border
The Delhi Police on Thursday night started removing roadblocks placed at the Tikri border point where farmers have been protesting against the Centre's three farm laws, with sources indicating that one carriageway of the road will open in the coming days.The move comes days after a Supreme Court hearing that saw farmer unions arguing that the police were responsible for the blockade at the Delhi borders.The police had put multiple layers of barricades on the roads, complete with giant nails and huge concrete blocks as thousands of farmers had tried to cross Delhi borders in November last year.Four out of the eight layers of barricades at the Tikri border have been removed. However, the cement barricades are still there and the road remains closed for commuters, an officer said.In videos doing the rounds on social media, JCB machines were seen removing blockades at the Tikri border.Sources in the Delhi Police said that such exercise is likely to be launched at Singhu and Ghazipur border points in the coming days.Thousands of farmers have been camping at the three borders points --- Tikri, Singhu and Ghazipur --- protesting the Centre's three farm laws since November 26, 2020.About the removal of blockades at the Tikri Border on Thursday night, a senior police officer said some layers of barricades that were placed by the police have been removed."The arrangement at the Tikri border in terms of infrastructure has been reduced. Seven to eight layers of different types of barricades were placed earlier and we have removed some of them," the officer said.This is done as a move to open the road for traffic soon, he said."At present, there is no traffic flow as the roads are closed. Barricades will be completely removed soon to slowly ease the flow of traffic," the officer added.The Supreme Court on October 21 had said farmers protesting at Delhi borders against the three farms laws have the right to agitate but they cannot block roads indefinitely even as the farmer unions and the government got embroiled in a blame game.While the farmers' unions alleged that the police were responsible for the blockade as it suits them to allow a feeling among citizens that farmers are blocking the road, the Centre said there was an oblique purpose behind the protests.After the court hearing, the Bhartiya Kisan Union (BKU), whose supporters and office-bearers led by Rakesh Tikait are camping at Ghazipur on the Delhi-Uttar Pradesh border since November 2020, had said the barriers at the protest site have been put by the Delhi police and not farmers.Tikait, the national spokesperson of the BKU, said protesters at Ghazipur have cleared the path on a service lane leading to the national capital but Delhi Police's barricades were still present there.
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T20 WC: David Warner back in form as Australia crush Sri Lanka by 7 wickets
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Boxing World C'ships: Berwal, Mor enter last-16 with facile win
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Lakshya enters quarters, Sameer retires at French Open
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Cristiano Ronaldo announces partner expecting twins
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Travel cos expect more nations to accept Covaxin
Travel service providers expect more countries to ease travel requirements for Indians vaccinated with Covaxin even as the World Health Organization (WHO) this week sought additional clarifications from Bharat Biotech before granting emergency use licence (EUL) for its Covid vaccine.Oman added Covaxin to the approved list of Covid-19 vaccines for travel on Wednesday, lifting quarantine requirement for passengers from India who have received two doses of the vaccine at least 14 days before the estimated arrival date. Travel platforms said they are seeing an uptick in bookings for destinations that are accepting Covaxin such as Greece, Sri Lanka and Mauritius. "While WHO acceptance opens the doors to multiple global destinations and is certainly of value, individual governments can take an independent call," said Romil Pant, senior vice-president, leisure travel at Thomas Cook (India). "And, of course, what is a clear positive is that several destinations such as Dubai, Maldives, and Russia offer entry irrespective of vaccine status with checks and balances like RT-PCR being in place," he said. "With the WHO expecting to reconvene for the final risk-benefit assessment for Covaxin on November 3, we are hopeful of an approval this time round," Pant said. Nishant Pitti, CEO of EaseMyTrip, said that while countries are not bound by WHO suggestion and can decide on their own to recognise Covaxin, approval by WHO will work as a shot in the arm. "A significant part of our population is vaccinated with Covaxin. The approval will further enable more travellers to visit their favourite international destinations," he said. Ixigo said countries such as Serbia have recognised Covaxin based on a 'mutual acceptance' of vaccines, while Oman has possibly approved it for ease of travel of Indian nationals. "Similarly, for ease of travel and to attract tourists, Mauritius is also accepting Covaxin," the company said. "Global acceptance of Covaxin will definitely ease international travel plans for Indian travellers who are currently vaccinated with Covaxin but cannot travel or have to face mandatory quarantine due to current restrictions." Subhash Goyal, chairman of STIC Travel and Air Charter Group, pointed out that Prime Minister Narendra Modi and some cabinet ministers have taken Covaxin and it has been cited as being effective against the Delta variant. "Some people have preferred Covaxin over Covishield seeing encouraging findings. Some countries are recognising Covaxin bilaterally," he said. "So, the sooner WHO recognises it the better. There should not be unnecessary delays just because it is from a developing country." Daniel D'Souza, president and country head at SOTC, said he is hoping for positive news for travellers doubly jabbed with Covaxin. "As per a recent report, the United States Centres for Disease Control and Prevention (CDC) has given clearance to Covaxin with certain riders. If more countries approve of Covaxin it will enable Indians to pursue their long-pending travel plans," he said.
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Paytm founder to fund stake hike in insurance biz
Bengaluru | Mumbai: Paytm founder Vijay Shekhar Sharma is increasing his shareholding in his company’s insurance venture, where Zurich-based Swiss Re is picking up a 23% stake.Sharma and two of his holding companies — VSS Holdco and VSS Networks — together will own close to 66% in Paytm Insuretech, according to Paytm’s red herring prospectus and people briefed on the matter. Paytm parent One97 Communications’ shareholding in the insurance arm will come down to a little over 11%. Sources aware of the matter said One97 Communications has also cancelled an approved resolution of lending around $100 million to Sharma for the insurance deal. He will finance the deal on his own, they said.Sharma is expected to finance his stake purchase in the insurance unit by selling some of his shares in the Paytm IPO (as part of the offer for sale component). He is also taking a loan from banks to close the deal, which is subject to regulatory approval. The 43-year-old, who is also managing director and chief executive of Paytm, owns close to 15% in the company. He will sell shares worth over Rs 402 crore in the IPO, according to the RHP. With this, Sharma will have majority control in the insurance unit, which is valued at around $500-$550 million based on Swiss Re's investment for a 23% stake.Last year, when it announced the deal to acquire Raheja QBE, the acquiring entity was QorQl (now renamed Paytm Insuretech) and Sharma owned 51%, with the rest by One97 Communications.“The loan was approved by One97 Communications before Paytm filed the draft red herring prospectus (DRHP) but it has been cancelled now as Sharma is arranging it on its own. It will be available once the regulatory approval is in place,” a person briefed on the matter said.Paytm has a call option on Sharma’s stake in the insurance business, which is being seen as a key part of the company’s efforts to establish itself as a financial services group. “There is a thinking that Paytm Insuretech would be a unicorn (firms valued at $1 billion or more) in the near future as it scales the insurance business. It is already at over $500 million,” another person added.A spokesperson for Paytm declined to comment on the matter.Once the capital infusion happens, VSS Holdco and VSS Networks will together have 54.48% in Paytm Insuretech, while Sharma will have 11.49% and Paytm 11.03%. According to the announcement made by Paytm on Wednesday, Swiss Re is making an upfront investment of Rs 397 crore. The rest of the money will come in tranches depending on certain business milestones.On July 29, ET reported that Sharma was looking at a joint venture for the general insurance business and that the insurance regulator was in favour of a more diversified ownership structure for a general insurance entity.Even though Paytm’s parent firm is incorporated in India, it is treated as a foreign company by financial regulators, since a majority of its investors are foreign entities. This will remain the same even after its listing.Paytm has an insurance broking licence through a wholly owned subsidiary, Paytm Insurance Broking. Foreign direct investment (FDI) in insurance is limited at 74%, but overseas investors can own 100% of broking businesses.
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Wednesday, October 27, 2021
Juventus slip to last-gasp defeat at home to Sassuolo
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Rayo Vallecano hand sloppy Barcelona second successive league defeat
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5 things not to put on your resume
1. Typos and spellingsMost recruiters spend barely 30 seconds—a study claims this time is as little as 7 seconds—on a resume, so you need to make it as attractive as you can. Also, make sure it is free of flaws since typos and errors are big reasons for rejections. A typo in your resume indicates poor attention to detail and may cost you a coveted shortlist.2. Lying about skillsAnother common mistake is lying about skills, experience or falsifying other details on the resume. Any mismatch in the details on your resume and actual qualification is also undesirable. When a candidate is shortlisted, a company inevitably runs a verifi cation check. If they spot a discrepancy, you are unlikely to get an interview call.Also Read: How fresh graduates can ace campus placements3. Objective statementAvoid adding an objective statement to your bio-data. It is redundant since your objective is evident from your application for the vacancy. If you are keen to demonstrate relevance for the job, show it in the cover letter or use 3-4 lines of professional summary at the top of your resume, under work experience, without a separate heading.Also Read: How to write 1-page resume that can increase your chances of getting through first stage of job interview4. Templated cover letterDon’t send out the same cover letter and resume to all potential employers. Your resume and the cover letter should be relevant to the role, company and industry that you are applying to. The cover letter should speak to the person and try to convince him why your qualifications make you the perfect fi t for the role. Don’t let it appear like a copy-paste job.Also Read: 8 tips to help you ace the job interview5. Rework the draftNo writer types out the perfect draft in one sitting. Words should not be sacrosanct. Like every piece of published authorship that goes through multiple re-writings and editorial inputs, your resume needs to be reworked with inputs from friends/ professionals before finalising.Also Read: How to negotiate salary during job interview and not let taxes eat into your take home pay(The writer is a career coach, mentor and the author of Yoursortinghat.com)
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3 sectors to put your money in next 2 months
Banking, finance and domestic cyclicals probably is the area where we will have to focus for the immediate two-three months, says market expert Ajay Bagga. We had a happy Dussehra but how do you ensure a happy Diwali and protect the high beta pocket in your portfolio?Overall we have had a good run this year and our expectation is that the markets will end strongly at the year end given normally in India we start seeing the Budget expectations take over. November is normally one of the best months in the year and this quarter is a strong quarter in most years. So expectations are good. Small corrections are to be expected when the markets have run up so much and valuations are high. If you look at the flows, the DIIs and the domestic money has been really holding up the markets. We had a problem this month where till about three days back, we had a negative print on the DIIs numbers but the last two days of buying by DIIs have overtaken that. FIIs continue to be selling into the highs of the market that has continued. Overall, the brokerage commentary shows there are worries on the valuation levels in India. Some money is being put into countries like Indonesia, Malaysia and even China is getting re-rated by some of the major Swiss banks. Having said that, if you take a long view, the economy is turning. Fundamentals are good. We have an issue with inflation. We have an issue with the commodity price hikes which will feed into lower margins for large sections of the Nifty and the top companies. So there is a problem there. However, having said that, consumption is coming back. There are savings on the sidelines. The banks have managed to clean up their balance sheets. Banking, finance, domestic cyclicals probably is the area where we will have to focus for the immediate two-three months and that will benefit the most. As for global cues, a lot will be determined on November 3, when the Fed commentary comes out. Do they start tapering in November itself or do they announce a calendar starting from December? Has that got baked into the 1.64% US treasury rate or will there be some more coming? My personal view is that seeing a lot of reports next year, the inflation comes down and it might actually be transient though longer than anticipated. That will mean that the Fed can stay at their zero rate policy for the whole of next year even though the QE goes off. The ECB meets tomorrow. We are expecting the emergency funding to be totally withdrawn and only the normal QE to continue so that it is baked into the markets. The Bank of Canada seems to be on the tightening path. We will hear from Japan tomorrow, nothing expected there. In fact, there is a lot of hope that before the November elections, there could be one boost of stimulus coming in from the new prime minister or at least talk of some stimulus. The overall situation is a little tighter than at the beginning of the year. QE will go away in the next six months to a large extent globally and so some tightness is there in cash flows, but the consumers globally are sitting on huge balances which will flow through into consumption. The reopening trades are very much there, the recovery trades are very much there. India as a whole is on a recovery cusp and with a big infrastructure push coming, there is a lot of optimism. Yes there could be a 4-5% correction based on the valuations running very high in some segments but overall, the trend remains very positive. So staying invested in the market is the best policy right now. If your asset allocation has gone higher than what should be ideal for you, then some money can be taken off the table. Otherwise, we just wait this out and stay invested. There is another theme playing out now -- the comeback by banking stocks. How would you play this theme in the markets?Corporates have been deleveraging and so the corporate book has been going down, the agriculture book has been growing and most of the growth has come from the retail side -- both in housing finance as well as personal loan side -- that is where the bigger growth is. Secondly, within the banking sector which is growing, private sector banks like Kotak has grown 14%, Axis about 10%, HDFC, ICICI in the mid double digit numbers. So overall on the 6-7% credit growth, the private sector banks are eating more of the market share. So I would keep them as the top picks. The second would be the top public sector banks. Multiple drivers are coming back. Even the smallcap public sector banks are showing good profitability. So there is a huge turnaround. After nearly 10-12 years, we are finally seeing that the banks are able to climb the NPA mountain because they have been cautious in the last three, four years and have not built new NPAs. That has allowed them to use present profits to move those NPAs off their books and take provisions. Even the Covid provisions are excess for quite a few banks. So over the next three to four quarters, it will benefit them. Overall, financials stay among top picks in this kind of an economy where banks will be big beneficiaries as the credit cycle returns. Will the corporates be very keen? That is maybe another six months away. Right now, it is still the retail segment which will lead to credit growth. We are not seeing a huge capex announcement from corporates. So it will be more on the real estate side, the construction and infrastructure providers are the companies which might be going in for more loans. Also, companies are able to raise money in the markets and they are able to raise money abroad as well. Given India’s ratings are getting better, Indian corporates get better rates abroad. So all those competitions are there for banking credit. It will be more retail credit and housing finance which will drive this boom at least for the next six months till corporate capex starts picking up. That will happen once the output gap in the economy reduces and we see capacity utilisation going up and companies put in new plants. Of course PLI scheme beneficiaries will put in plants. They will go for capex and will go for debt to finance it. Overall, there is a constriction in the corporate loan side and I do not see that going away very soon. It will probably take two to three quarters.
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Does your health insurance cover gym injuries?
I used to think that only professionals and athletes in highly competitive sports suffered serious sports injuries. An early memory of such an injury was when Mary Decker, top seed US runner, fell grievously in the 3,000 km sprint at the 1984 Los Angeles Olympics. But the truth about sports injuries struck home (literally) about two decades ago when I hurt myself playing squash in Jamshedpur. I had to immediately rush to Kolkata for a surgery and then to Hyderabad for a month-long treatment. Although I recovered well, I had no insurance to pay my costs. Fortunately, I worked for a company that picked up the expensive tab. In hindsight, I should have bought health insurance much earlier. So, my first recommendation if you do not have health insurance is to buy one right away. You may never know the surprises life will throw. Having the right kind and amount of mediclaim insurance will save considerable financial heartache. So, if you are someone who leads an active lifestyle or are a gym-goer, you should be clear about the types of sports injuries possible and which of those are insurable. Types of sports injuriesSports injuries can be of many types. A young athletic schoolgirl in my daughter's school had a major ligament tear that left her in crutches for months. Prior to the pandemic, a large cause of accidents in Delhi was children playing on trampolines at birthday parties. Injuries occur in gyms, swimming pools and playgrounds. There are instances of healthy people collapsing on treadmills. Some sports are inherently risky. A polo player I know often needs surgery because of match injuries. Fortunately, most sports injuries are mild sprains, muscle pulls and abrasions. The best way to reduce injury is to be careful. Avoid unnecessary risks. Scale up intensity gradually. Have a plan in case you are hurt. Identify hospitals that you can go to quickly and doctors that can treat you. Also, be clear about what insurance will pay for. Insurance cover of sports injuries Mediclaim insurance: Over the years the insurance regulator has significantly reduced health insurance exclusions and standardised definitions. Today, the only sports related exclusion allowed in a regular mediclaim insurance is for professional sports persons and that too in hazardous activities like racing, scuba diving or mountaineering. Most of us do not fall in this category which means that our health insurance will cover any hospitalisation or day care procedures due to injury, even if because of sports or caused in the gym. However, a key point in several mediclaim insurances is that outpatient (OPD) costs are typically not covered. This means that you will need to pay for minor strains, ligament tears, physiotherapy, and even fractures yourself even if you have a health insurance policy. The exception is if physiotherapy or OPD expenses are needed before or after hospitalisation as part of the recovery process. In those cases the cost of OPD or physiotherapy will be paid for by the health insurance company. The fact that the cost of treatment of most gym injuries is out of pocket is okay because these costs are not very high and the expenses won't pinch that much. Insurance comes in handy when the injury is more severe and requires hospitalisation. Other insurances: Other insurances such as critical illness, personal accident or overseas travel insurance do not yet have the same level of safeguards as the mediclaim insurance. These insurances have broader exclusions and more caveats in the insurance contract. For example, one insurer excluded cover in a critical illness insurance if a person was injured while participating in adventure sports and defined adventure sports broadly as any activity involving physical exertion and skill. I have paraphrased the exact policy wordings for brevity, but the essence is that the definition is broad enough to exclude any sports injury. Another insurer for overseas travel insurance excluded any bodily contact sport or potentially dangerous sport for which you are untrained. This means that injuries overseas pertaining to adventure sports like para-gliding, bungee jumping, or scuba diving are unlikely to be covered by that travel insurance company. Insuring yourselfThe first insurance that you should buy is a mediclaim insurance. All these insurances will pay for sports injuries if you are hospitalised or undertake any day care procedure. Generally, for those that live in metros, I would recommend a minimum cover of Rs 10 lakh. Such an insurance would cost about Rs 10,000 per annum as premium for a 40-year old. For those that supplement the core insurance with a critical illness or personal accident insurance, read the policy wordings carefully, particularly the provisions on sports related injuries. These contracts have other caveats as well that you should be aware of. For example, one insurer requires you to inform them if you change your occupation otherwise a claim is not payable. So, look out for these as well.Non-sports related exclusions to be mindful ofNo insurance will pay a claim if you were inebriated when the injury took place or if there is evidence of substance abuse. Another universal exclusion is cosmetic treatment. This clause came up in the case of the polo player that I mentioned earlier. He broke his jaw during a match and the insurer denied the claim on the grounds of it being cosmetic repair. I argued that the repair was not cosmetic but medically necessary. But such disputes turn out to be long processes. Similarly, illegal acts will not be paid for. For example, were you to go rafting with unlicensed operators or get hurt in a gym that does not have formal permission to operate, the claim can be denied . In fact, at the time of joining a gym you must check if they have a valid license. In case a severe injury occurs that requires hospitalisation, then the health insurance company is likely to pay your claim if you are using a gym with a valid license.I certainly do not want to curb your enthusiasm for sports and exercise because I am passionate about these myself. Dani Rojas in the award winning serial, Ted Lasso, captures the spirt eloquently when he whispers that "Football is life." But you will play a better game if you know that the risks have been taken care of. (The writer is Co-Founder www.securenow.in)
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